New Delhi: After some good green rally in the last week, Shiba Inu now have stuck in a difficult and irritating phase as now movement can be seen in the coins price. This is making it difficult for new investors to come into the market and embrace the meme-based cryptocurrency.
Right now, SHIB is facing a minor blockade as it is moving between the crucial resistance level and due to some corrective nature of the market, Shiba Inu saw a pullback which is delaying its upswing.
SHIB waiting for a breakout
As per analysts, SHIB can is demonstrating a “bullish” trend and it can climb to a higher value. All the SHIB holders are waiting for a breakout from here. The pattern is raising a possibility of a good bull trap and a potential upward swing can take the price to $0.00001214.
The last breakout resulted in profit-taking which pushed the coin back in the handle of the base. SHIB will test the resistance when it will reach at the level of $0.0000096 and as per trend, it is expected that the price will go up from here.
At this moment Dogekiller came close to testing the $0.00000759 price level and is currently moving around the $0.00000811. As per experts, the recovery is good but Shiba Inu is still below the 50% Fibonacci retracement level at $0.00000871.
How can it revive?
Shiba Inu can use a boost from its social media hype which has worked very well for the coin in the past. Crypto enthusiast like Elon Musk’s one mention for the coin can give it a really good push.
The other option is that buyers should band together and push the coin above the said level which will eventually confirm the start of a second leg-up. In this case, SHIB can likely make it to the reversal zone ranging from $0.00000955 to $0.00001070.
A breakdown from here will set up a lower low disrespecting the bullish thesis and in that case, SHIB’s price can drop to $0.00000654.
